BALTIMORE (WJZ) — There’s good news if you’re hitting the road for the Labor Day holiday.
Kai Jackson explains the reason behind the falling gas prices.
Even a slight drop in gas prices is good news to those on a tight budget.
It’s news that any driver would welcome: gas prices appear to be dropping.
“I think that’s great. I drive for a living so it’s gonna benefit me,” said Aaron Franks.
Experts say the price of gas, like many commodities, is driven by supply and demand, yet the reason behind the current drop centers more on the global economy.
“The reason it’s coming down is because the economic outlook is very weak,” said gas station owner Keri Zouras.
According to AAA Mid-Atlantic, we’re paying $3.54 for a gallon of regular gas. This time last year, gas was $2.62 a gallon, a difference of nearly $1.
AAA also says that 31.5 million Americans are expected to travel 50 miles or more from home for the Labor Day weekend, a drop of 2.4 percent.
Right now, gas prices are 52 cents below the all-time high of $4.11 set in July 2008.